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Unformatted text preview: Page 1 of 5 Department of Economics Professor Kenneth Train University of California, Berkeley Spring Semester, 2003 ECONOMICS 1 FIRST MIDTERM EXAMINATION In class, March 3 INSTRUCTIONS 1. Please fill in the information below: Your Name: Your SID#: GSIs Name: Section Number (Days/Time): 2. The exam ends at 3:55 pm . 3. If you finish early, please remain in your seat so that you do not disturb the other students. 4. When time is called, please pass your exam to the aisle. Please stay in your seat until the exams are collected. 5. There are a total of 100 points, 4 questions, and 5 pages (including this cover sheet). Points for each question are in parentheses. 6. Answer the questions in the space provided. (NO BLUE BOOKS.) If you need extra room to answer questions, use the backs of the pages. 7. Calculators are not permitted. Have fun! J &amp;gt;&amp;gt;&amp;gt; D O NOT TURN THE PAGE UNTIL YOU ARE TOLD TO BEGIN THE EXAM . &amp;lt;&amp;lt;&amp;lt; Page 2 of 5 True/False/Uncertain: 20 points (7 minutes) For each of the following decide whether the statement is true, false, or uncertain and explain why. Your explanation determines your grade; you will receive no credit for an answer without an explanation. Use diagrams where appropriate. a) [4 points] An increase in the price of gasoline causes the demand curve for gasoline to shift to the right....
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